tv Varney Company FOX Business December 14, 2012 9:20am-11:00am EST
post" is celebrating the record number of women elected to the senate. women may help break the gridlock, women are kland here another reason to cheer. gas prices keep falling, more than a penny a day. when you say fill her up, it's $15 less. we're not forgetting obamacare, trillion dollar deficit. no, no, it's the time for family faith and joy and that's what "varney & company" is about. it's friday, december 14th, here we go. joe woods' first day of. and his new boss told him twongs -- cook what you love, and save your money. joe doesn't know it yet, but he'll wk his way up from busser to waiter to chef before opening a restaurant specializing in fish and me from the great northwest. he'll start investing eay, he'll find some good people to help guide him, nd he'll set mey aside from his first day of work to his last,
some are wondering whether the record breaking women mean less women than more. and however, maybe the author forgot this. >> you know, do me a favor could you say senator instead of ma'am? i worked so hard to get that title. >> well, senator barbara boxer, okay, maybe that was one isolated incident. oh, wait. there's also this. >> there is nobody in this country who got rich on his own, nobody. you built a factory out there, good for you, but i want to be clear, you moved your goods to market on the roads the rest of us paid for. stuart: that was now senator elect elizabeth warren. question, can 20 women in the senate help solve the contentious issues of the day, taxes spending and entitlement reform and the fiscal cliff? we'll find out soon. more women in the senate. does that mean a greater willingness to compromise? nicole petallides, let me ask you? >> yes, women are collaborative,
they are tough and they're going to work together. i like the idea. i think it's going to be great. stuart: i'm glad you're on board with a positive approach to the news this friday. thanks, nicole. back to you in a second. and we have apple losing its cool while rim has the blackberry, one last shot. news on two smart phone makers in desperate need of a jolt. that and the opening bell next. ♪
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>> we are determined to stay positive this friday morning so i have a positive news item for you as a back drop to today's stock market trading. hear this. the consumer price index, down. if you take out the food and energy you're left with a mere .1% gain for consumer prices in the month of november. here is the positive news, there ain't no inflation, is there? at the consumer level. whether it comes or not with the money printing by ben, i don't know. as of now, no inflation there. and time for the market. precisely at 9:30 eastern time. so, where are we in the very early going? >> and i say this every day. broken record. dead flat. with that fiscal cliff looming and the holidays upon us, there's not much stock trading
and a pretty flat market as we get on the friday morning. yesterday we talked to laptop magazine about apple losing its cool in the u.s. it looks like that's true in china. the iphone 5 at a very chilly reception for its beijing launch overtight. so, nicole, i think that apple is down again. >> it is, again, down over this, 3% right now. you're talking the 514 range. aen what happened to the $700 range and that's ubs this morning, they kept their buy rating, but reduced their target from 700 to 780 talking about china being one of the issues and not being able to build there. stuart: and the iphone 5 in beijing, there was a snowstorm, okay, a mild snowstorm, there were only two people in line to get those first iphone 5's in china. that's it. only two people. i think that's got something to do with the apple decline this
morning. >> you know what, if you really want something, wild horses and snowstorms won't keep you away. stuart: so, i think we can conclude that maybe apple's losing a little of its shine, a little of its cool. maybe, i don't want to be too pejorative here, just maybe. nicole, thank you, down 10 in the early going. i want to take a look at rim, research in motion, the blackberry people and its fate resteded on the new blackberry that comes out next month. and market share in half, from last year to this year, down to 5% market share. in 2009, rim, the blackberry had 50% of the smart phone market. so 50% all the way down to five. look at that charge and the stock started to go up the day after we put it on death watch. this morning, close to what $14 a share we'll keep on that one for you.
i've got good news for your wallet this friday morning in keeping with the trends this friday morning, good news, prices are falling. the national gallon of regular, 3.28. on april fifth and 6th. the national average hit a record high of 393 this year. st. louis, still the standout major city and the average price there, regular under $3, 298 to be precise. i've got two headlines for you on obamacare, number one, the chief executive at aetna says health insurance premiums for some businesses and individuals may double when obamacare arrives. and item two, some ceo's are warning of layoffs when that new medical device tax hits on january the 1st. joining the company now is ed connor, the author of unintended consequences and formerly worked at bain with mitt romney. >> thank you for having me. stuart: this medical device tax, 2.3%, that's not a heavy duty tax.
it arrives on january the 1st and these people are talking about layoffs? i think that's a little bit overdone. what say you? >> well, i would agree with you. keep in mind. the company earns 10% on sales and a 25 reduction in profits and impact on the market value of the company. they're going to be very, very cautious, i think this'll be reluctant to pass the prices through, in the short run i think they'll-- >> i'm surprised to hear you say that. you kicked capitalists, if you had a new tax you would have stuck it to the consumers. >> the problem if the competitors don't do it and you do do it, it's difficult to get that share back so you'll move slowly when you raise prices. stuart: you can understand this, if you can't pass it along, you could understand a pullback. that's understandable to a guy like you. >> i wouldn't say lay them off. retiring traffic and retraining staff. i would be moving cautiously if
i thought it was headed to a reduction in profit. stuart: this taxes for medical devices, granny's hip, going to skyrocket. i'm not buying that. >> it seems overblown. i'll agree with that. stuart: let's move on to barack obama, the president. and get na facial expression, i know you're disappointed. i don't think he's changed one bit. there has been absolutely no correction of any kind in his policy. what say you? >> i would agree with you, i think he has had a negotiating strategy which is to push off the negotiation and the cost and tax increases and until after he gets an increase in the taxes on people earning over $250,000. i think that this is a negotiating strategy before the election and it's a negotiating strategy today. and he's looking for two bites at the apple. >> you don't think he'll budge on $250,000 and more, you pay a higher tax rate. you don't think he budges? >> i don't see why he would.
if you let it expire, the republicans aren't going to reduce the taxes i think they have to and if they don't i think they will he' be blamed for having gone over the fiscal cliff and could lose the house as a result and i think the president needs enormous tax increases to fund this spending and i think he'd love to go off the cliff and blame it on the republicans. >> you think so? >> blame it on the republicans and you think that-- >> nobody wants to go over the cliff, but two shirts of voters say that they would blame republicans if we don't reach an agreement here so i think the republicans are under enormous pressure and i think the president's negotiating strategy to get a bite at the apple and increase taxes and when you have the real negotiation he'll look for a second bite. >> i was determined to stay away from fiscal cliff this friday and no, we've got to discuss it, i think, is there a silver lining here? that would be. >> no. . [laughter] >> i'm trying,ed, i'm trying. >> suppose there was a deal, okay, last minute, new years
avenue, there's a deal and that could be a plus for the economy, couldn't it? couldn't that give a shot in the arm to small business and business generally which turns around and says, maybe we know what's coming now. we take the uncertainty off the table? if that may be a silver lining? >> i think there would probably be a little benefit from that, but i think that the uncertainty masks an ugly truth. 90 billion dollars, and not have the debt grow to percent of gdp. anybody in the future recognizes enormous tax increases and cost reductions coming even if we don't implement it in january. it's coming down the road and quickly. stuart: you're negative generally on the economy for 2013. >> i like to be an optimistic guy, but what looms in front of us, an increase in government spending is very expensive for the economy. stuart: do you have any opinion on "the washington post's" opinion that 20 women in the
senate, a record number, is a plus for more civility, more compromise? >> well, i think women are more civil and willing to compromise so maybe, but i think when you get into those positions you're a politician first and foremost more than a man or woman. stuart: do you remember margaret thatch thatcher. >> of course. stuart: do you think she was in a mood to compromise. >> she was a negotiator. stuart: we hear the story every year, atheists suing to take down christmas displays because they say they're so offensive. take a look at this. this is an anti-christmas billboard now on display in mid tourn manhattan. it says keep the murrayry, dump the myth. >> and mark lanier is it here and would he sue the atheists over the billboard?
back to nicole, best buy, why is it a loser today? >> best buy moves on every headline and today's headline is that the founder, looking to maybe make a buyout offer. well, his deadline has been extended. you can do due diligence and get full year, rather than on china and making a crazy offer today. with the extension, it means, hey, the offer is not coming and the deal is not getting done today. so, yesterday's gain of 16% is now being given back, almost a majority, and down over 12% now. stuart: it's called a day traders paradise i would guess. and nicole, thank you very much indeed. the dow jones industrial average is up three points after this. time is money, 30 seconds, here is what else we have for you this friday morning. union thugs caught on camera punching people and will they be charged criminally?
not one, but two lawyers join us on that. we'll talk to the mayor of a city, unemployment is 3%, what are they doing right? here is a hint, energy. there's a huge demand for gold coins and why the increase? and why isn't the price of gold soaring on that story? remember, we want to hear from you as well. send your e-mails right away, please, firstname.lastname@example.org and we'll read some of them live on the air this morning. friday morning, seven early movers, here we go. the struggling temple com alcatel-lucent gets a life line from goldman and credit suisse. and quicksilver, it's down. adobe gave a weak forecast, but roths were indeed better than expected and the stock is up. electronics payments company gave a disappointing forecast, the market doesn't like that, it's down 7%, web security provider, abg technologies, reached a search and
distribution agreement with yahoo! and it's up. sprint nextel, 2 billion dollar offer to buy out clearwire, getting pushed back from some shareholders and clearwire is down just a little. apple releasing the iphone 5 in china today. i've got to say it's a luke warm reception and down it goes. 5:14 is the apple price today. we'll keep a watch on that all day long. star nfl quarterback robert griffin facing criticism. why, you ask? one sports journalist says he isn't black enough and he might be a republican. oh, dear. former baseball player cliff floyd is here, we'll talk bla blackness, taxes and investments after this. ♪ to lay to rest on mary's blessed sleeping ♪ ♪ whom angels creeped with
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and then treats day afr day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] e pill eachmorning. 24 hours. zero heartbur >> cliff floyd played major league baseball for seven season and earned 15 million in salary during that time and now he's retired living off the income of his investments and could be subject to much higher taxes next year. cliff floyd joins us now. before we get to that. >> yeah. stuart: you're ready for this. yesterday on espn. >> yeah. stuart: i think it was rob parker, he criticized the redskins quarterback, robert griffin iii basically said he's not black enough because he's engaged to a white woman and might be a republican. go on, react. >> you know, it took me back because i think that you know,
robert griffin iii is doing his thing and not just playing football, but doing it for society and african-americans looking up to him and for rob to go out there-- that's what's wrong out there. you're judging somebody because of your own opinion, not just about what he's doing for himself. he's saying what, as long as he's comfortable in his skin i'm totally fine with it. stuart: why does robert griffin have to conform to what somebody else thinks an african-american should be like, i don't get it. >> do what you do, and he's a role model for so many different athletes growing up. we have so much going on in our communities where you look up to rg 3 and go, this guy right here, this is who i want my kid to look up to as he grows. stuart: let's talk taxes. don't look like that. come january the 1st, 2013, you
are probably facing a nasty increase in your tax bite, how do you feel about it. >> you went through it and you prepare for it, anticipate what's going on and you try to do different things to allow yourself not to get hit. i have deferred payments coming from the mets and when you do look for the rainy day, you're not making that income. going from 300,000 checks every two weeks to making zero and finding your next niche. that's how it basically boils down and as you get the payments and they're over the $250,000, and now you're taxed on the money after. go from 35% to 37, 39%, eightit big hit. >>. stuart: do you object? >> of course i do. i don't mind paying the taxes i want the money being used the right way. you don't mind paying the taxes, not a little of cliff floyd,
hey-- >> i punch the while every once in a while. stuart: that's what i wondered. >> and you move around and ask questions, but when you think about it, you know what, you keep moving and living. stuart: what do you make of hamilton, the baseball player goes from texas to southern cal, okay, making 25 million dollars a year, he goes from no state income tax to 13.3% income tax, what do you make of that. >> i guarantee he talked about that in his negotiation, five years, 125 million dollars, maybe overpaid for his careers and his injuries, a guy that's been through a lot in his career and what he's able to accomplish thus far, but i think you put that into the thought when you get the contract. stuart: if he would have been moved from a texas team to a florida team, it wouldn't be-- >> it goes out you understand the state tax. stuart: almost out of time, but you're wearing an awful lot of
what i'm told of course bling, diamonds here and diamonds around your neck and a fancy watch there. >> i bought this early on in life. stuart: did you call me varney? my name is stuart. >> stuart. and you called me lloyd before and. [laughter] >> are you-- >> at least i have it. that's the one thing. stuart: that's true. >> now what and talk about this necklace here, i love my wife and one day i get ready to get something nice for her, don't have to buy it, here you go. stuart: i've got tears in my eyes. cliff floyd, right? >> yes. >> there you go stuart. stuart: cliff, anytime you want to come back a seat for you here. >> you know what, merry christmas to you. merry christmas to you, thank you very much indeed. time for the gold report. 9:50, where are we this morning? stocks flat, gold flat. a woman busted for disability
fraud, she was faking an ankle injury. find out exactly what investigators caught her doing in a park. very interesting. liz macdonald, an all-star trial lawyer the man we hate to love mark lanier is here. both of them are in the studio already, watch out. . [laughter] ♪ saturday in the park, i think it was a fourth of july ♪ [ male announcer ] you are a business pro.
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>> we cover many examples of insurance fraud on your show and this is outrageous and i will explain it delicately. and martin was a custodian in a school in california said she hurt her ankle on the job and workers' comp. she went to appointments on kruch crutches. she went to a gas station, changed clothes and put on high heels and met a man in the park and claimed she was seen having sex in the park, she was sentenced to nine months in jail. mark lanier would you take her case and defend her. >> that's indefensible, and fraught. >> you cannot have sex with an injured ankle, mark lanier.
>> you can't lie about your injury to collect-- >> how do you know she was lying. >> she couldn't do something if she had the injury she had. >> she puttin high heels in the park. >> that's not a way to supplement your income if you're on workers' comp. >> i know you're tongue in cheek. stuart: i am. >> and not saying stimulus money for insurance fraud units, i didn't say that, but i would say put this film, this camera work in training sessions throughout the education system in california. stuart: very good, liz. the not bad, mark. lawsuits involving the nativity scenes, atheists having their way with christmas. and could mark lanier, ordained minister, take the case. would he sue gun makers? the gun store owner? would he? we'll ask him. remember, he's sued just about everybody else. and have your seven early movers for you after each one, i will
pause and ask mark if he's ever sued the company that i'm talking about. you sued them? >> i've sued them and represented them. >> sued gm? >> sued gm. >> don't tell me you've ever sued apple. [laughter] conflict of interest. >> actually i've sued them. >> 115 on caterpillar, you viewed them. >> won a 56 million dollars verdict against them year before last. >> go ahead. >> everybody has sued wal-mart for one thing or another. >> of the seven early movers you've sued five of them? >> yeah.
stuart: new led and:00 more staggering numbers on gun ownership, a number of permits to carry a concealed weapon in florida about to hit the 1 million market. at that record gun sales across the country, some people saying it is because they fear second amendment rights will be limited under second obama term. is that really the reason? will lawsuits be the avenue the left uses to take away your guns? we have a lawyer and an advocate here on the set with me today. what about the assault on christmas? atheist's suing to get me to the dc-9 removed from public places? whar favor trial lawyer who is an ordained minister take that case? we will most certainly ask him.
to the big board dead flat friday morning, the dow is down 11 points. here is our company for the day, liz macdonald is here, all start trial lawyer, mark lanier, and nicole petallides on the floor of the exchange. i want you to look at apple. way down this morning. any idea what it is down? >> trading as low as $580, and what we have seen, the market cap $482 billion. ubs cut the price target to $700 to 780. it shows yet another analyst coming at with reasons. stuart: let's not forget frigid reception the iphone got in beijing when it went on sale today, two in line to buy it when the store opened in beijing. that is a big switch.
is that part of apple's problem? >> and beijing to see that with my own eyes that people are already talking about new apple products next year. is a too many apple products? the ipad mini is taking sales away, is it too much? >> they're talking about the galaxy as well. losing its cool. samsung getting cool. don't ask me. thanks very much indeed. some time next week the number of licensed concealed carry permits in florida will top the 1 million mark. the number of applications have doubled in that state since 2007. is happening all across the country. there's a sudden rush to buy guns. mark lanier is here. would you -- something bad happens, there's a shooting, withdrawal lawyers like you go
to court and sue the gun owner or the gunmaker? >> obviously you could sue the gun owner. you don't see the gunmaker simply for manufacturing guns. we have sued remington before because running to aid the-remington a defective gun that went off when they were not supposed to. that is a different matter. gun ownership in short and the the second amendment. i am a texan. we are big and second amendment and don't bring losses for an issue of guns. stuart: what about the store that sold the gun where the nevada apple -- >> the store has an obligation to do the proper background checks to make sure they're selling a gun validly. if the store has a felon who has been released from prison after shooting up a drug store or something like that and don't did background check and sell them again you bet used to that store. of the store is following the law and the shooting guns and selling guns in the proper format, no, they have no exposure. stuart: you personally regardless of your legal
position you personally support the second amendment rights. >> absolutely. stuart: you don't want to infringe upon. and you don't want to second obama turn to start restricting the second amendment rights. >> i would be shocked if they do. >> this is a debate about illinois also wants to basically not have concealed weapons. he judge is saying you have to ride that was to allow concealed weapons. the debate is whether concealed weapons make the state's save for a more dangerous. that is what illinois politicians are saying and florida is saying making state save for. stuart: we are having this conversation because of gun sales have literally taken off this year and the last four years in the united states. the day after thanksgiving, 154,000, what is it called, background checks, in one day, that is stunning and that is what i'm asking. the left which doesn't like the second amendment, doesn't want gun ownership, will they use the
courts to go after gun owners and then manufacturers? >> i don't think they can. it is the second amendment and the courts are there to uphold the law, not to make a lot. stuart: and argument on that one -- >> there are judges who think they make law and those of the judges we try to move out of the way. we try to put judges in who will interpret the law, not make it. stuart: joining us to continue this discussion is steve, the president of the national shooting sports foundation, he also had a 20 year career at company that manufactures guns. i want some information from you. we heard about this record gun sales surge in america. what is the single most popular hand gun in america today? >> the smaller 380 caliber pocket pistols. it is designed to be carried concealed by a licensed individuals.
stuart: do you think people are buying guns in record numbers simply because they feel that their second amendment rights are under threat? >> that is not the only reason. we have seen a rise in hunting license sales and a rise in sporting characteristics, the gun matches, and competitions, all sorts of sporting activities that foundation is involved in so is across the board. stuart: when you represent sportsmen. what about this concealed carry, millions of permits in florida. that is not because people think their second amendment rights are under threat? they personally feel threatened when they're on the streets. >> it is a bit of the inverse. when the supreme court announced that it was an individual right to keep and bear arms more people said it is my right, i should look into this so they are flying across the country in record numbers as you state to get concealed carry permits. that does not mean they're walking around carrying concealed guns all the time.
whether the do aeronaut the crime rate has been going steadily down the last 20 years to record low numbers. it doesn't mean just because more people have the right to carry firearms doesn't mean crime is rising. it is on the decrease. stuart: mark says he doesn't think the second amendment is going to be seriously challenge ltd.. you're right to keep and bear arms the ridge to you? >> i don't think so. it has been tried before. before the supreme court made the announcement the supreme court had 33 municipalities setting in 1998 began selling firearms manufacturers under the theory that simply because you made a firearm you should be held liable for a subsequent criminal misuse over which you have no control and that applies to dealers as well as manufacturers and they all laughed. stuart: let me throw this out. the executive director of the national rifle association has been on this program many times and says president obama would love to inhibit your second amendment rights and will do
that and restrained in a second term. you think he is dead wrong? >> i think president obama by nature would like to restrict firearms ownership further. you see that when he was an illinois state senator voted against concealed carry and voted to ban certain firearms. when using congress he voted against the lawful, sacked so i think by dint of personality and urban upbringing as he may feel less warm and fuzzy, the second amendment that we would like. stuart: i want to talk about 50 caliber rifles. of is in the presence not long ago someone who was firing a 50 caliber rifle. this thing can kill somebody at a mile, goes for a tree at a mile and a half, very powerful weapon. july need that weapon to shoot a deer? >> most firearms will do exactly what you describe. you can't define a firearm by its worst possible use. those are used for longer target shooting particularly out west
in increasing numbers. you're trying to define a product by its worst use like saying a certain kind of car is only a getaway car. liz: again is a dangerous weapon, should we have in the hands of americans? liz: i'm scared about powerful guns. time for the second amendment but with some restraint. that is what i would be for. >> where do you see what is too powerful? there are legitimate uses for these guns, the weight 25 lbs.. stuart: all right, it was a pleasure having you with us. very interesting debate and we thank you for being here. the obama administration has spent billions to create jobs but last month alone, 350,000 people dropped out of the work force, they gave up the unemployment nationally but that is not a case in mid month texas. at 3% jobless rate.
at 10:45 eastern this morning we talk to the mayor, how is he creating jobs? i will give you a hint, energy. prius sue small town for its nativity scene on public property and the town can't afford the legal bill stephen dodd self so it backs down, out goes the nativity scene. we will ask our favorite litigator mark lanier, would you take a case like this? would you sue a small town in america? would you? >> i would not sue over and it to the scene, absolutely not. stuart: it is unconstitutional? >> i don't think it is unconstitutional. at think it is very constitutional. and won't even take in god we trust of of our collins. i believe we are one nation under god, indivisible land with liberty and justice for all. stuart: can we put this up on the screen for a second? this is an atheist at in times square as we speak, keep the
mary, dumped the myth. i find that offensive. would you take my case and susan to get out? >> i can't. people's ignorance is not the basis of a lawsuit. that is just a sign of -- i can't sue them for being ignorant. stuart: it is not on public property. >> i can't sue them for being ignorant. they're offending you and your ignorant but you can't sue them for that. people had a right in america to be ignorant and they have a right to -- [talking over each other] stuart: these people force people like the salvation army to tell me when i'm putting money in their bucket, they say happy holidays, they are not allowed to save merry christmas for heaven's sake. what is this? [talking over each other] >> you can put an ad up, something that you believe in, this is the first amendment right to free speech. it is ignorant, very insulting but you can't sue someone for
being -- stuart: what is with an new hair cut? >> i wanted to be like you. stuart: you have a new hair cut so you can't hurt and pollute the jury pool more easily. >> i stand for truth. [talking over each other] stuart: thanks very much. bold point sales absolutely soaring, up 100% in november. is it time to buy? we will deal with it next. twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing g the ishares core, building blocks for the heart of your portlio. find out why 9 out of 10 large professional investors
stuart: a sharp the finding gas prices continue today, national average down to $3.20, $0.65, the peak of gas prices and we have ppg industries up big time a $1.1 billion, executive paint units, analysts think this will help take on sherwin-williams. look at that. as we predicted the twinkie will not die. we have a report from companies willing to take over hostess brands including walmart which is already hostess's biggest customer and walmart won't want to take those on so that could be a very interesting purchase. look at the price of gold this morning just below $1,700 an ounce. a big increase in gold coin
time for citi price rewind. because your daughter really wants that pink castle thing. and you readon't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it findone, you get refunded the differenc just use your citi card and register your purchase line. have a super sparkly day! ok. [ male announcer ] now all youeed is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. stuart: how much does austerity hurt? 42%. greek turning $55,000 a year will now be taxed at the new top rate, 42%. the new rate is part of austerity measures demanded by the international rescue lenders. more than 50 grand, say goodbye to 42%. the u.s. mint says gold coin sales booming up more than 130% since president obama's
reelection. why by collins? :week.com joins us from dallas. good to have you here. >> i am delighted to be here. stuart: if i can buy canadian gold calling, chinese gold calling, american gold calling, what are most people buying? >> in america, people primarily prefer the american gold eagle. made by the united states, america is behind it, it is made in one ounce and different denominations, you can get a half ounce, quarter ounce, can ounce, most people prefer the american gold eagle but worldwide there are a lot of things to choose from so there are a bit of choices from any other country. stuart: why is the man up so much in november? it is up 130%, sales of 130% over november last year. why is that? please tell me, with all that demand and all those sales, why
isn't the price of gold out more strongly? >> gold is up fairly strongly if you look at the last week in years but in the last year-and-a-half has been in relative trading range in the $1,600 to $1,800 range. you have gold in demand because they just brought in more of a liberal administration who is having trouble with the spending problem in this country. the analogy is gold has kept its buying power. you could buy -- stuart: i demand the truth here. i think the truth is a lot of people buy gold collins because they want to avoid the state tax. a lot of people going to buy those bold collins and when they pass away they will pass them along and unknown to the irs to their states. bury them in the backyard and do something to conceal ownership of gold.
am i right or am i right? >> there is no question you have touched on one of the assets of owning gold. one of the good points of it. it is something that is a private transaction. you can take them anywhere in the world and transact them. you don't need a government to approve them. i am sure a certain percentage of gold purchases are for state reasons. like anything people are going to scold things with their bold, it is one of the options that is available. stuart: am i also right in saying a fairly large proportion of the sales of individual one ounce gold collins are done with cash, it is the cash, untraceable connection. is that true? >> through the patriot act and catch reporting laws and reasonable checks and balances for that. the threshold is pretty much $10,000. if you spend more than that in cash the will be reporting traders. if you have a discretionary funds up to that amount you
could buy it without having it reported. if you spend more than that there are reporting laws but it is one of the last bastions of free enterprise. you have money that is actually worth what it is and doesn't require an external financial resources or governing body to account for it. stuart: thank you very much for joining, very interesting subject. thanks for being here. appreciate it. >> we will tell you about a $1 million gold coin. stuart: when you will be back, thank you very much. see you soon. i am calling it the great american tune out. you don't want to hear politicians about the fiscal cliff, you want to be married. my take on that is next.
griffin iii being called not black enough. we talk about it all on "varney and company," an extraordinary program starting at 9:20 eastern, an extraordinary program especially today. best buy shares still loser. before you give me the stock quote, do you think the founder took his back, made it private, do you think he could make it a store people want to go in and buy things and again? i threw you. nicole: i am very entrepreneurial, to succeed and get it right, and a founder and that made this baby and he can grow at and manning the ship and -- stuart: hold on a second and go back to the stock.
a couple people here including a try all lawyer. do you know anything about best buy? have you sue them? >> i have not sued best buy, but i have spent a lot of money there. stuart: if the founder took it back do you think he could make it a going concern again? >> no question that he could. liz: got to improve customer service getting killed by amazon and online retailer. >> he keeps on line and he can sell online but when you take it on personally, you have that personal mode and the personal attention it makes all the difference in the world. stuart: if i was a jury looking at you, i am going to vote with you. >> you take care of your business and demand owns the company will do a better job taking care of his business. liz: you can say it is emphatically as you want but
their service is very poor and people don't like going there. [talking over each other] stuart: you heard this, is the stock still down? >> complete be race yesterday's gains of 16% and today is down 16%. mom and pop shops have a tough time succeeding against the big guys. this would not be mom-and-pop shops to a certain extent, some stiff competition. stuart: we hear you, thank you very much. more union sudbury. a pro human demonstrator reportedly punching a right to work supporter and all caught on camera. why haven't charges been filed? criminal defense attorney will be here on that subject at 10:35 this morning. stuart: it is hanukkah. christmas is coming. a very special time of year. not the time when we want to hear about the fiscal cliff or
trillion dollar deficits or been cranking up the printing press. here is my take on the great american tune out. i think that is what we're doing. we are tuning out the financial noise and why not? who wants to hear another smug comment about pay your fair share or attack working families. i am tired of it. i think you are too. but i have to make an effort to shrug off my sense of anxiety. we follow the money on "varney and company" but we can't just ignore the financial danger that we are in. ben is printing a trillion for the fifth year in a row. the president is running up a deficit of $1 trillion the year for the fifth year in a row. very hard to suppress the anxiety. then there is the tax increase we face on january 1st and the upcoming catastrophe known as obamacare. we collectively putting negatives on one side. we are tuning them out. accentuating the positive where
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stuart: i want to go to mark lanier because he has an interesting take on the fiscal cliff. let's pretend that i am the jury pool. go ahead, pollute me. give me your case. >> i have a congressman who voted to represent me and my district, he is responsible for voting our views, that is his job. president obama is the only man in this fiscal cliff fight that voted to represent all of america. it is the president's responsibility to represent all of america and do the best he can with compromise. that is not my congressman's job. the congress men and women up there are supposed to be voting for their district, voting for their people, what we put them in to vote. of this president cannot afford a compromise he should be dumped it at the feet of the congress. they only have to vote their district. it is the president's responsibility to represent all of americans and can't do it we have the wrong president. stuart: that is a thinly veiled
push for republicans to have some backbone and not cave. >> mike congressman better represent me and my district. that is what we put him in for. liz: you are saying the president is not just the president of the 28%, he is the president of all the income tax brackets and he has to do what is best for all taxpayers. >> he is responsible for forging compromise. pecan saying come on, republicans, do what you need to do. he has got to be the one leading. that is what leadership is. stuart: the public will not see it that way. you go over the cliff the president will not take responsibility. he won't be responsible. it will be ritter republicans to get the blame. >> i'm not ok with that. that is a problem with me and it starts with your show. stuart: very good. i will get you later. this week, union sudbury, not joking about this, on full display. michigan passed laws making the right to work state.
the unions furious, huge protests, someone punched fox news contributor stephen prouder. you can see it. undeniable visible evidence of that guy punching him in the face. they also destroyed kents, private property, will these suggs be charged criminally? joining us now is criminal defense lawyer arthur addala. >> i don't know why that would not be charged. of that happened in new york we would have on video tape and that is a prosecutor's dream come true. stuart: who would have to press charges? steven or the authorities? >> the authorities. steven has to make -- he has to tell somebody in law enforcement i didn't authorize him to punch me in the face. it could be a stunt, i wanted him to punch me in the face. 0.001% of the time that happens. the other 99% of the time it is an assault. that would be assault in the
third degree, misdemeanor assault the punishable by a year in jail. usually you don't go to jail for things like that but still get prosecuted, spend the night in jail and go in front of a judge and there's a bail hearing. -- [talking over each other] >> suit is different from charged criminally. on the criminal charges i have no idea why there are no criminal charges. there should be. there was also they cut down the trends that were set up. stuart: is there political bias on the part of the local prosecutor who is on the side -- [talking over each other] >> of course it is possible. it doesn't make sense that somebody is not charged. stuart: mark lanier, a trial lawyer. could you, would you sue the union? if this gentleman who punched him in the face is proved to be a union member representing the yen in in that dispute could you sue the union? >> absolutely. you can't to the fellow who
called the punch -- [talking over each other] >> suing the person doing the punching easy. suing the union, the union's defense would be we do not condone this, we didn't -- it would be the equivalent of the fox producer throwing the punch -- [talking over each other] liz: bartenders can be sued for standing by and letting the drunk bedroom for why can't these guys be sued? [talking over each other] >> part of the bartender's job is to maintain order. liz: that is what the police union is opposed do. >> this is outside the realm -- [talking over each other] >> i would bring that suits all day long. [talking over each other] stuart: you would defend the union? >> not the individual. let's flip it. let's see the fox producer punch out someone from the union. fox be sued? stuart: don't ask me. >> that is not what his job is. a fox reporter dropped the
camera on someone's foot and broke their foot they're doing something in the realm of their business and iraq but when they start acting outside of their job capacity you can't hold the mother ship responsible. stuart: i think in the court of stuart varney, trial lawyer wins on this one. >> it is 12 jurors. not one guy -- 12 people from michigan. not one borrow from england. stuart: last word to mark lanier. how much can you take the union for? >> depends on what the jury looks like i will tell you i could take the union. stuart: would you take 30% or 35%? >> might do this one for free. [talking over each other] >> the dollars and cents are worked out -- stuart: what would be your feet for -- >> my hourly fee is usually no. [talking over each other] >> for downtrodden -- [talking over each other] >> still have a mortgage to pay and mouths to feed. stuart: when you're still a
lawyer and i love you. thank you very much, everybody. despite billions of stimulus spending, and employment still high, don't tell that to the mayor of midland, texas. jobless rate in that city 3%. how did he do that? he is with us after the break. from the best players in history to the number 1 club in the world. the potential of manchester united unlocked. nyseuronext. unlocking the world's potential.
stocks are not moving. in the next couple hours of business things like investors waiting to find out what their tax situation is going to be next year. the dow is up 1/2 point. best buy has been on a roller-coaster the last of days. it seems the buyout offer was coming yesterday from the founder. today it extended the deadline meaning an offer is not imminent slowdown it goes. dollar yesterday's gains wiped out. adobe systems, a big winner. this is a software company that makes acrobat and photoshop. strong profits. more people signed up for the free trial on line eventually becoming paying subscribers selleck those. we are back in 90 seconds with the mayor of midland, texas. his city has only a 3.3% unemployment rate. how did he do that? we will ask him. get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married,
stuart: where are the jobs in this economy? a lot of them are in mid month, texas. the jobless rate just over 3%. it is of fifth lowest in the united states from metro area, about half of the state jobless rates for the whole state of texas' 3.3%. joining us by phone is the mayor of midland, republican wesley perry. your honor, obvious question, how do you do it, 3.3%? >> we do it pretty easily, we stay out of business's way and let them do what they like to do. stuart: i will hold you up for a
second. news from general electric, they have hiked their dividend by 12%, but they are not paying dearly, they're waiting until january to pay out so they are not joining the club of the early dividend payment to take advantage of tax advantage so g e unchanged on the news that they have a 12% dividend increase payable next year. i want to go back to mayor harry of midland, texas in the middle of the answer. how do you get 3.3% unemployment. >> it is pretty easy. stay out of the way of businesses they will do what they like to do and provide jobs and resources to the community. is not hard at all. stuart: it is more than that. it is energy. you are the owner of an oil and gas investment company, are you not? >> it is true. our main industry is energy and technology with horizontal drilling and all the things going on in business but we are a resource community.
stuart: you are one of the zynga -- fracking guys, fracking center u.s.a.. >> a lot of fracking technology was developed here and is exported all over the world. dave: when do you think the fed could come down on you? >> anything could happen. we are not planning on it. short answer -- stuart: does it make you nervous? the epa could come up with new regulations for fracking and put serious restrictions on the industry. >> that is possible but what i try to do is operate in the environment i have today realizing things can change so we have to get involved in those discussions. at an end of the day we have to do what is best for the business and react based on what government does which we hope is less rather than more but sometimes can't control that. stuart: where do you get the labor from? you must have people pouring in from all over?
>> we need more people, we are lacking workers in all industries not just energy but housing, building houses. we have a high class problem of too much traffic, housing, on and on. stuart: not long ago we were doing stories out of north dakota where they have an energy boom about people earning $12 an hour, all kinds of strong wages in the service sector because services had in north dakota. do you in a similar position? >> absolutely. truck drivers can make six figures. if you are hard worker, drug free and ready to work hard you can do very well in this market. stuart: six figures for truckdriver. you are in. >> that would be a great way -- >> you can't get below 3.3%, you really can't do that.
>> in the way we have workers who should not be out there, but people living in town, finding places to live close by and this is a bigger area so they are moving in smaller communities 50 miles away working in oil patches which is the radius around midland. stuart: it must be cooled to be the mayor, and you are it. thank you for joining us, appreciate it. stuart: tobacco companies no strangers to getting sued. a new report could give those trial lawyers more ammunition. we will ask is mark ready to sue? this is about chewing tobacco. '. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs.
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stuart: this is hard to believe the we have a source. the tobacco industry spent nearly a half billion dollars on smokeless tobacco marketing in 2010. incredible number. the result, smokeless tobacco use among high school students is rising in california and elsewhere. mark lanier is here. come on. >> we had two -- actually this is paper. i would not put that in my mouth
for anything. stuart: can you sue? >> not in texas. texas, the tobacco industry has absolute privilege to do anything they want. it is illegal to sue them. stuart: they are advertising to smokeless tobacco, chewing tobacco. their appetite in this -- are they advising people about the dangers of the jaw and the debt? >> the surgeon general says this is dangerous and will cause sheet cancer, throat cancer, lip cancer and does all of that. stuart: they transferred from smoking cigarettes, you pay an arm and a leg to get that one and transfer it to smokeless tobacco. >> nicotine -- stuart: when you can't sue. >> can sue in texas. it is tough to sue tobacco companies, their visions. liz: even though the 1998 masters tobacco settlement with 45 state attorneys general you can't sue, was their state of
limitations? >> that settlement was just to stop government suits, that settled the state actions for medicare reimbursement. individuals still have a right to sue in many states, not in texas, in florida for example a lot of suits go forward. in california some go forward but it is very difficult. the tobacco company lawsuit position is take no prisoners, we will not pay you until the u.s. supreme court says we have to. so expensive -- stuart: something else we about for you. an article in the washington post this morning got me worked. it says the senate would be better if it had more women. here is the quote. some are wondering whether the record-breaking number of women will mean less gridlock, not more in the chamber. women are more collaborative and collegial leaders studies have found. we talked about this at the top of the hour, there will be 20 women in the coming in to the senate, record number in the month of january. wire you laughing? liz: you're going to come to me and have me review this.
stuart: i could go to mark lanier if you like. i am not refuting that. i entries. liz: i think women are more collegial and if you don't believe me i will give you a nice soft in the kisser. i am kidding. i think women are more collegial. i'm just kidding. stuart: you think women are more collegial? liz: they are nicer and sweeter. stuart: is that sexist? liz: so what? it is the truth. stuart: nicole, you have been listening. nicole: i will saw queue in the kisser if you don't agree with her. i agree as well. i think women have a great potential, they're very collaborative. move forward to support buy partisanship in congress and the senate and a great move. despite long lines at the bathroom -- [talking over each other] stuart: mark lanier, white male from texas sitting here. >> with of the injury studies. women are more ethical and women are more collaborative. i have seen it time after time
after time. stuart: the days of the white male having any authority are gone. he doesn't deserve it any longer. >> i'm not saying that. women are more collaborative. you sound like one of my teenage daughters, i am just saying. >> even a teenage daughter -- [talking over each other] stuart: i better get out of this while i am okay. we are going to have a highlight reel for you next.
stuart: it is quite a show. let's wrap it up with the highlight reel. >> i am for the second amendment, but i am for it with some restraint. >> a lot of people said, hey, it is my right. maybe i should look into it. stuart: on sales are up. >> prime rate has been going down steadily for years. >> they are there to uphold the law, not make law.
stuart: that was probably the most serious discussion of the day. twenty women coming into the senate will make it a more collegial sort of place. we have this comment from charles payne who could not be with us this morning. women, yes, they are more collegial until they get a good divorce lawyer. good one, charles. [ laughter ] >> i am all for the women. i have four daughters. delightful girls. stuart: you are very much on the side as women being more civil and collegial. >> i will always say that publicly. stuart: i asked my wife for a comment. >> your producer says the wife